ONGC withdraws offer documents again “on technical grounds“
22 November 2011
Oil and Natural Gas Corp (ONGC) has withdrawn a red herring prospectus filed with the Securities and Exchange Board of India (SEBI) in September, for its follow-on public offer, again on technical grounds.
ONGC chairman and managing director Sudhir Vasudeva, however, said the papers would be filed again on instructions from the department of disinvestment.
''Withdrawal of the Red Herring Prospectus does not lead to cancellation of the FPO. We withdrew the share sale document because the 90-day validation ends in November,'' Vasudeva said, adding that the timing will have to be decided by the department of disinvestment.
Also, he said, the company is in a process of appointing three independent and two functional directors.
Three of ONGC's directors - S Balachandran, S S Rajsekar and Santosh Nautiyal - ceased to be directors on the company's board on 10 November after expiry of their three-year term.
Their replacements proposal is awaiting a nod from the Cabinet Committee on Appointments (ACC).